Athene Holding vs Lincoln National
Athene Holding is the larger business, with $25.68bn of revenue in fiscal 2025 against $18.21bn for Lincoln National (1.4 times as much). Athene Holding grew faster (24.1% against -1.2%). Athene Holding kept more of each dollar of sales as profit: a net margin of 10.6% against 6.5%. Athene Holding carries less debt relative to equity (38.3% against 57.5%).
| Latest fiscal year | Athene HoldingATHS, 2025 | Lincoln NationalLNC, 2025 |
|---|---|---|
| Revenue | $25.68bn | $18.21bn |
| Revenue growth | 24.1% | -1.2% |
| Net income | $2.71bn | $1.18bn |
| Operating margin | — | — |
| Net margin | 10.6% | 6.5% |
| Return on equity | 14.7% | 12.3% |
| Free cash flow | — | — |
| Cash | $16.89bn | $9.50bn |
| Total debt | $7.85bn | $6.27bn |
| Debt to equity | 38.3% | 57.5% |
| Dividend per share | — | $1.80 |
| Dividend yield | — | — |
| Share buybacks | — | — |
| Employees | 1,970 | 9,423 |
| Market value | $4.7m | $8.08bn |
| Price vs our value range | — | — |
| Moat score | — | 21 (Weak) |
| Insider trades, 12 months | 0 buys, 0 sales | 4 buys, 8 sales |